Nordic American Offshore Ltd reported a fourth-quarter loss of $9.8 million this morning.

The Bermudian company, which operates a fleet of ten supply vessels working in the North Sea oil industry, also declared a dividend of 2 cents per share.

The loss which breaks down to 48 cents per share, compared to a loss of $4.4 million in the fourth quarter of 2015 and followed a loss of $8.6 million in the third quarter of last year.

NAO’s full-year loss totalled $32.1 million, compared to a loss of $10.8 million in 2015.

“Several service companies in our sector are in a difficult financial position,” NAO stated. “Going forward, NAO sees opportunities for expansion.

“We concentrate on keeping our vessel operating costs low, while always maintaining our strong commitment to safe operations.”

The firm raised $47.5 million through a share offering which closed last week and said proceeds could top $50 million, depending on the uptake of the $7 million over-allotment option.

NAO said: “The offering clearly reflects the investor confidence in NAO. Access to financing, both equity and debt, remains a competitive advantage for us.”

NAO was founded in 2013 and its biggest shareholder is oil tanker operator Nordic American Tanker, another Bermudian company, which invested $10 million in the offering.

Charter revenues plunged to $16.25 million last year from $34.8 million in 2015. The company said seven of its ten vessels were in service.

North Sea production was hit by the dramatic fall in world oil prices early last year. But crude prices have recovered to above $50 a barrel in recent months and the deal by Opec countries to reduce output to support prices has added confidence in the sector.

NAO said there had been encouraging signs in the market for chartering its platform supply vessels (PSVs) since the end of last year.

“We have seen an improvement in PSV rates the last weeks,” NAO said. “At the time of this report, rates for the first quarter of 2017 are above the level of the fourth quarter of 2016.”

NAO shares closed at $1.15 on the New York Stock Exchange on Monday evening — down from $5.25 a year ago.